Facebook Buys Instagram for $1 Billion, Zuckerberg Aims To Evolve App

In another strategic move by Facebook Chief Executive Mark Zuckerberg, Facebook is confirmed to purchase smartphone application Instagram, for 1 billion dollars. Instagram, which is one of the most popular apps for smartphones, has over 30 million registered users and was named “iPhone App of The Year” in 2011.

“We will try to learn from Instagram’s experience to build similar features into our other products,” Zuckerberg explained in a statement about the acquisition. “At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.”

Instagram CEO Kevin Systrom also responded by saying, “It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.”